The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong day of trade and is up 0.4% to 5,885 points this afternoon.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price is down almost 2.5% to $1.47 after the pharmacy operator and distributor released its half-year results. According to the release, the company saw its statutory net profit after tax decline 14.4% to $24.9 million on flat revenue of $2 billion. The company has blamed the poor performance on suppressed retail conditions. I would suggest investors stay clear of the company's shares as I'm not convinced conditions will improve in the near term.
The Buddy Platform Ltd (ASX: BUD) share price has continued its decline and is down 4% to 12 cents. The internet of things company's shares fell sharply on Wednesday after it revealed that its reseller agreement with Telstra Corporation Ltd (ASX: TLS) never materialised. Late last year Buddy advised that it was finalising negotiations with Telstra for it to become the primary sales channel for the Buddy Ohm product in Australia. Investors appear concerned that it took over five months for this "finalising" to occur, only to end up being scrapped.
The Challenger Ltd (ASX: CGF) share price is down 3% to $10.82 after the annuities company provided its latest assets under management (AUM) update. Although Challenger's AUM grew by 3% quarter-on-quarter to $78.5 billion in the March quarter, the company also reported a 13% decline in total life sales of $1.1 billion compared to the prior corresponding period. Yesterday I thought Challenger was starting to look attractive again after a sizeable decline, however I'm reconsidering this view in light of today's update.
The Nextdc Ltd (ASX: NXT) share price has dropped almost 3.5% to $6.81 after the data centre operator advised that Asia Pacific Data Centre Group (ASX: AJD) has initiated legal proceedings against it in relation to a dispute over access rights to three centres. NEXTDC intends to defend the claims.
